毕业论文代写：金融困境的异质性
毕业论文代写：金融困境的异质性
组织中的财务困境可以被认为是一个极其多样和复杂的过程。金融困境的异质性源于不同的财政约束。根据金融理论，这些约束可以由内生的和外生的约束因素引起。约束的内生因素被称为跨组织的内部问题。因此，只有特定的公司在同一网络中运营才会产生负面影响。众所周知，风险的外生因素在本质上是普遍存在的，影响着市场上的每一个企业组织。最重要的财务约束之一是公司特征的变化。较小和较年轻的组织可能在获得资金方面面临更多的困难，因此可能持有现金以促进业务。股利与现金持有之间可能存在被动关系，也可能存在主动关系;不为现金积累支付股利的组织，也可能为现金积累支付股利。
股利支付倾向下降可能是由于股利投资者税收优惠条件的两次变化所致。由于越来越多的组织转向收益信托，组织支付股息的倾向可能再次开始增加。大量的公司财务和宏观经济学文献已经深入研究了财务约束对公司价值、资本投资和商业周期的影响。在资产定价方面，一个重要的疑问在于，融资约束最终将如何影响预期收益和风险。然而，Wu和white(2006)利用了另一种指数，他们发现，与不那么不景气的组织相比，一些不景气的组织最终获得了更高水平的平均回报，尽管存在潜在的不显著性差异。从直觉上讲，组织的风险最终会随着其缺乏灵活性的程度而增加，而资本投资则会进行调整，以减轻股息流受到的总体冲击的影响。
毕业论文代写：金融困境的异质性
Financial distress in organizations can be considered as an extremely versatile and complex process. The heterogeneous nature of financial distress had been originated with diversified sources across financial constraints. As per the theory of finance, these constraints can be caused due to endogenous and exogenous factors of constrain. The endogenous factors of constraints are known as the internal issues across the organizations. Therefore, there is a negative impact only on specific companies operating in the same network. The exogenous factors of risk are known to be pervasive by nature, affecting each and every business organization across the market. One of the most significant financial constrain is changes taking place in the characteristics of the firm. Organizations that are smaller and younger may be facing more trouble to obtain financing and hence, cash may be held for the facilitation of operations. There might either be a passive or an active relationship between dividends and cash holding, organizations that do not make payment of dividends for accumulation of cash, or organizations may take the decision of paying dividends in the accumulation of cash.
The declined propensity for payment of dividends is likely because of two changes in tax decreasing favorable condition by dividend investors. The propensity of organizations for payment of dividends may start increasing again, due to increased number of organization turning as income trusts. A voluminous literature in corporate finance and macroeconomics has studied in depth the impact of financial constraints on firm value, capital investment, and business cycles. In pricing of asset, a significant doubt lies in how constraints of finance end up impacting expected returns and risk. However, Wu and Whites (2006) utilize an alternate index and identified that a number of distressed organizations end up earning higher level of average returns in comparison with less distressed organization, even though there is an underlying insignificance of difference. In an intuitive sense, the risk of organizations end up increasing with the level of their inflexibility while capital investment is adjusted for mitigating the effect of aggregate shocks over the streams of dividend.
